2023 - Here we go....

Lettings

Welcome to our first blog of the year! The new year is always a chance to look ahead to what may be in store and what we can expect in the property market in 2023.

Since the start of the year we have seen several tenants looking to exit their contracts early. With the cost of living crisis this is likely to be a recurring theme this year. The rise of rents in recent years has put a strain on tenants' affordability, and some tenants may need to move sooner than expected due to personal circumstances.

While references and insurance products can help mitigate this risk, we can also help with our knowledge and experience dealing with these matters. Often the best approach is to work with your tenants to reach a suitable resolution. This can help reduce the possibility of missed rents or unexpected voids. Landlords may also be able to recoup some or all of their re-letting costs if a suitable exit arrangement can be agreed.

The year will bring some surprises along the way and we will aim to keep you in the loop with plenty of guests and local insight.

Some things we know that will (& won't) be happening -


*Capital Gains Tax - From 6th April 2023 capital gains tax-free allowance will be cut from £12,300 to £6,000 - and then cut again to £3,000 from April 2024.
*Renters' Reform Bill (England) - the one the industry is waiting for, announced in the Queen's Speech last year the Department of Levelling Up, Housing and Communities, said that it plans to introduce the Renters' Reform Bill in "this session of Parliament" which ends in May 2023.
*Making Tax Digital postponed until 2026 - In late December, HMRC announced Making Tax Digital for Income Tax Self-Assessment (ITSA) will now be phased in from April 2026 (it was due for April 2023), for self-employed businesses and landlords with an income of more than £50,000.

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